Crypto Circle Early Insights January 29, 2026
First, let's focus on the macro aspects:
- The U.S. Representative from South Dakota has again proposed a Bitcoin Reserve Bill, aiming to allow the state investment council to allocate no more than 10% of public funds to Bitcoin. If passed, it will join the ranks of a few state-level holders.
- The ruling party in South Korea has officially finalized the Basic Digital Assets Act, planning to set a minimum capital threshold of about $3.5 million for stablecoin issuers, while key details like central bank authority are still pending coordination.
- Gold and silver spot prices have hit record highs, with gold surpassing $5,200 per ounce and silver breaking $115 per ounce.
Now let's look at market hotspots:
- Yesterday, the net outflow of Bitcoin spot ETFs in the U.S. was $147 million, and the net outflow of Ethereum spot ETFs was $63.6 million. The fear and greed index was at 37 yesterday!
- Bloomberg disclosed that Tether has held approximately 140 tons of gold, valued at about $23 billion, and is continuing to increase its holdings while also expanding into gold tokens and related industry layouts.
- BitMine has once again staked over 110,000 ETH, and its total Ethereum staking amount has exceeded 2.26 million coins.
- Arthur Hayes stated that the weakening yen and abnormal Japanese government bond yields may prompt the Federal Reserve to 'indirectly release liquidity' through the foreign exchange and bond markets, providing phased support for risk assets like Bitcoin.
Finally, let's look at industry dynamics:
- Ethereum has announced that the ERC-8004 standard will soon go live on the mainnet, aiming to support AI agents in cross-organizational collaboration and reputation circulation.
- The overall Bitcoin network hash rate has experienced the largest single drop in history, with analyses suggesting it is closely related to the extreme cold wave in the U.S. and widespread power outages affecting mining operations. The hash rate has now begun to recover.
